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Investment & Funds

Investment Criteria

Norfin invests exclusively in real estate risk/assets in an unlisted/illiquid form, typically being the majority or the sole investor. 

While we normally focus in moderate risk profiles, we differentiate ourselves by engaging in higher risk/return investment strategies in two areas where we possess an extensive track record:

  • Capacity to underwrite and manage development and refurbishment projects.
  • Capacity to underwrite and manage large multi-sector granular portfolios. 

Norfin has extensive experience both in commercial (mostly offices and logistics) and residential sectors. We currently have one of the largest REO investment/management platforms in Portugal with over 6,000 REO assets.

AUM Sector Breakdown

Sector wise, while we have made investments across the Real Estate spectrum we specialise in Offices, Residential and Logistics.

AUMEUR 1,500M
  • offices
  • logistics
  • retail
  • residential
  • develop / refurb
  • other
  • Note: GAV weighted sector exposure. Based on Discretionary Funds under management, which account for more than 75% of the total assets under management. Data as of December 2016.

Real Estate Investing - Risk/Return Spectrum

In terms of risk/return profile, we focus on Core to Value-Added strategies, depending on the fund.

Core
Return 7-8%
Leverage 30%
Fully leased multi tenant property
Core Plus
Return 9-12%
Leverage 30-50%
Stable lease roll. Moderate EBITDA upside
Value Added
Return 13-17%
leverage 60-65%
Repositioning, redevelopment, re-leasing
Opportunistic
Return 18%+
leverage 70%+
Distressed, development, derivatives, emerging markets
Development + Large Portfolios
RETURN
RISK